Unbound Group PLC (AIM:UBG) shares were given a warm welcome as the company formerly called Electra Private Equity began trading on Tuesday with a new AIM listing and a switch into the retail sector.
As an online retail platformer, the group intends to focus on the 55-and-over demographic, initially centred around its current main business, Hotter Shoes.
Electra Private Equity, which was listed on the main market, demerged its TGI Fridays restaurant business as Hostmore PLC (LSE:MORE) in November last year (read more) and said the remaining business would change its name to Unbound in order to focus on its Hotter Shoes investment.
Unbound's management plan is to build on the foundations of its current main business and "grow value through its curated multi-brand retail platform supporting the active lifestyles of the 55 plus age demographic with a range of products and services” and expand the offering beyond footwear into "apparel, wellness, and lifestyle products and services, with third-party complementary brands featuring alongside new Unbound brands, as well as Hotter”.
Chief executive Ian Watson, who was boss of Hotter Shoes, said in a statement on Tuesday: “Our focus now, as well as continuing the development of Hotter Shoes, is on developing our Unbound Group partnership strategy, selling selected products in addition to Hotter Shoes footwear on the Unbound Group website, which is progressing well.”
Its share price climbed 6.1% to 57.9p on Tuesday morning.